Quarterly Results

ZCCM Invs.Hldgs PLC 28 September 2004 Directors' Quarterly Summary incorporating Financial Results for the quarter ended 30 June 2004 DIRECTORS Mr G K Chibuye (Non-Executive) Chairman of the Board Dr S Musokotwane Secretary to the Treasury Ministry of Finance and National Planning Dr M W Lewanika Permanent Secretary Ministry of Mines & Minerals Development Mr G P Mukala Permanent Secretary Ministry of Energy & Water Development Dr D H Kalyalya Deputy Governor - Operations Bank of Zambia Mr E Mutale General Secretary Mineworkers' Union of Zambia Management Committee General Manager Vacant Company Secretary W S Musama Acting Chairman Technical Investments Manager J M D Patterson Finance and Investments Manager Z Zekko Legal Investments Manager J K Kaite Technical Investments Officer W K Katoto Environmental Manager J Makumba Financial Analyst K K Mulaisho Committee Secretary ZCCM INVESTMENTS HOLDINGS Plc and its subsidiary companies DIRECTORS' QUARTERLY SUMMARY ZCCM - IH Group sales of K32,421 million was achieved during the quarter ended 30 June 2004 compared to K29,790 million at June 2003. There was a reduction in group operational expenditure to K27,680 million during the quarter ended 30 June 2004 compared to K73,500 million for the quarter ended 30 June 2003. A retained loss of K8,012 million was recorded in the quarter under review, against a profit of K59,011 million in the quarter ended 30 June 2003. The main source of the loss was the exchange movements during the quarter. However there was an operating profit amounting to K4,741 million as compared to a loss of K43,710 million in the quarter ended June 2003. Subsequent to quarter end, negotiations for the acquisition of a 51% shareholding between the Company, GRZ, ZCI and Vendanta were concluded, resulting in the signing of a Subscription Agreement. In addition, Mrs L I Ng'andwe, Commissioner - Finance, Zambia Revenue Authority, was appointed a Director on the Board of the Company. By order of the Board W S Musama Company Secretary Lusaka 28 September 2004 ZCCM INVESTMENTS HOLDINGS PLC GROUP PROFIT/(LOSS) ACCOUNT FOR THE QUARTER ENDED 30 JUNE 2004 QUARTER ENDED QUARTER ENDED 30 JUNE 2004 30 JUNE 2003 notes K' million K' million Sales 1 32,421 29,790 Cost of Sales 2 (27,680) (73,500) Operating profit/(loss) 4,741 (43,710) Other Income 11,703 3,376 Exchange gain/(loss) (22,876) 92,063 Environmental expenses (382) (674) Interest reversal/(charge) (1) 892 Interest income 295 4,076 Dividend receivable - 5,853 Royalty on minerals (452) (433) Profit/(loss) before taxation (6,971) 61,443 Income tax (1,038) (2,432) Retained profit/(loss) (8,010) 59,011 Notes: 1 & 2 Represents revenue /sales and administrative costs/cost of sales for the Company and its subsidiaries. 3 The exchange rates applied are 30 June 2003 US$ = K4866.64 31 December 2003 USS = K4500 30 June 2004 USS = K4853.81 ZCCM INVESTMENTS HOLDINGS PLC GROUP BALANCE SHEET As at 30 JUNE '04 As at 30 JUNE '03 K' million K' million Current assets Bank & cash 47,480 70,887 Inventories 12,784 34,948 Other debtors 321,911 271,053 Total current assets 382,176 376,888 Current liabilities Creditors 45,241 80,502 Provisions 287,794 287,600 Taxation 2,117 4,223 Bank overdraft 0 0 Total current liabilities 335,152 372,325 Net current assets/liabilities) 47,025 4,563 Long term receivables 92,222 112,985 Investments 450,356 472,081 Fixed assets 78,110 41,147 Long term borrowings (1,374,328) (1,320,222) Grants/others 0 (4,678) Subordinated loan (865,445) (865,445) Total Net Liabilities (1,572,059) (1,559,569) Finances by: Share capital 909 909 Reserves (1,572,968) (1,560,478) Total shareholders' funds (1,572,059) (1,559,569) ZCCM INVESTMENTS HOLDINGS PLC GROUP CASH FLOW STATEMENT Quarter ended Quarter ended 30 June '04 30 June '03 K'million K'million Operating activities Cash received from customers 30,989 33,073 Cash paid to suppliers and employees (47,107) (42,070) Net cash generated from operating activities (16,118) (8,997) Interest received and other operating income 3,193 753 Interest paid (45) (4) Taxation paid (1,264) (3,682) 1,884 (2,933) Net cashflow from operating activities (14,234) (11,930) Investing activities Purchase of fixed assets (8,554) (6,897) Proceeds from sale of fixed assets 8 59 Proceeds from sale of operating units 0 201 (8,546) (6,637) Financing activities Long term borrowings received 9,287 32,560 Long term borrowing paid 0 (21,714) Grants 6,688 10,655 Net cashflow from investing activities 15,975 21,501 Dividend received 10,811 9,921 26,786 31,422 Net cash inflow/(outflow) for period 4,006 12,855 Cash balances at start of period Cash and bank balances 43,605 58,046 Bank overdrafts (131) - 43,474 58,046 Cash balances at end of period Cash and bank balances 47,480 70,911 Bank overdrafts 0 (10) 47,480 70,901 CORPORATE LOCATIONS Registered Office Mukuba Pension House First Floor 5309 Dedan Kimathi Road P0 Box 30048 LUSAKA Lusaka, 10101, Zambia Tel Numbers 260(01)221023 220351 220654 228833 Fax Numbers 260(01)221057 220449 220727 E-mail: corporate@zccm-ih.com.zm Kitwe Office Investments House Kantanta Street PO Box 20172 Kitwe Tel Numbers 260(02)245018 245054 245142 245126 245320 Fax Numbers 260(02)245363 245364 245473 E-mail :corporate@zccm-ih.com.zm UK Registrars CAPITA IRG Plc Bourne House 34 Beckenham Road Beckenham Kent BR3 4TU England Tel No. 020 8639 2000 Fax No. 020 8658 3430 Depository for American Shares JP Morgan Chase & Co 60 Wall Street New York, NY 10260-0060 United States of America Tel No. 001 2126483207 Fax No. 001 2126485104/5 This information is provided by RNS The company news service from the London Stock Exchange

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